Singapore fuel oil stocks increase amid higher net imports

Singapore’s residual fuel oil stocks have averaged 7% higher so far this month than across August, Enterprise Singapore’s latest data shows.

Changes in monthly average Singapore stocks from August to September (so far):

• Residual fuel oil stocks up 1.26 million bbls to 20.25 million bbls
• Middle distillate stocks up 270,000 bbls to 8.46 million bbls

Singapore’s fuel oil stocks have risen above 20 million bbls, amid an 18% increase in net fuel oil imports so far in September.

Both imports and exports have declined during the period, with imports falling by 167,000 bbls and exports decreasing more sharply by 643,000 bbls.

The UAE and Syria (13%) have been the largest sources of Singapore’s fuel oil imports this month, followed by Brazil (10%), according to cargo tracker Vortexa. On the export side, China (43%) has received the largest share of Singapore’s fuel oil cargoes, followed by Malaysia (18%) and Bangladesh (8%).

Singapore’s middle distillate inventories have also increased by 3% this month to 8.46 million bbls.

Changes in Singapore fuel oil trade from August to September (so far):

• Fuel oil imports down 167,000 bbls to 4.41 million bbls
• Fuel oil exports down 643,000 bbls to 1.22 million bbls
• Fuel oil net imports up 476,000 bbls to 3.19 million bbls

Recommended lead times for VLSFO have widened to 13–16 days, from 12–15 days a week earlier. HSFO supply has also tightened, with advised lead times extending to 10–19 days, compared with 10–12 days last week.

In contrast, LSMGO availability has improved, with lead times narrowing to 6–8 days from 7–10 days previously.

By Tuhin Roy

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